Bizizz Market Research has recently published a research report, “Portable Mini Fridge Market distribution channel (online and offline), Application (commercial and residential), Component, and Region-Global Industry Trends, Estimation & Forecast, 2019 – 2027”.
As per the report, Global Portable Mini Fridge Market was valued at US$ XX Bn in 2018 and it is anticipated to reach at market value of US$ 2.0 Bn by 2027, witnessing a CAGR of 6.8 % during the forecast period. Key drivers of the market are increased preference by outdoor activities and demand by automobile industry is propelling its demand.
In recent years, an increase in the outdoor activities constituting of adventurous trips, outing, trekking, camping and picnics among different age groups. It could result in the raise of demand for portable mini fridges significantly. However, the latest features of products including low energy consumption, light in weight and compact size are anticipated to improve the consumer base globally. The portable mini fridges are attaining traction of customers from automotive industry. The mini fridge supports in reducing the vehicle battery run-down as these are equipped with automatic battery protection system. Plunging demand for these offering in recreational and personal vehicles are fueling its market demand.
The Portable Mini Fridge market is anticipated to register a CAGR of over 6.8% during the forecast period.
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By Application, commercial segment held a key share in Global Portable Mini Fridge Market in 2018.
The growth of portable mini fridge market is high in, the commercial segment and it is projected to surge the market growth during the forecast period. These offerings have huge applications from different end-users including vanity vans, RVs, campervans, motorhomes, and caravans. Most of the organizations constituting of Haier Inc., ARB, Danby, and Midea Group are introducing innovative offerings designed for commercial adoption that is projected to propel the its market growth.
North America is Anticipated to Dominate the Global Portable Mini Fridge Market during the Forecast Period.
The North America region is anticipated to dominate the global portable mini fridge market during forecast period. Increasing prevalence for outdoor recreational activities by millennial and rising hospitality industry is accounted to stimulate its regional growth. However, significance of travel and tourism industry is projected to exhibit a positive impact on its regional growth. As per the data revealed by International Trade Administration, in 2017 the expenditure made by foreigners for hotels accommodation was estimated for approximately 300 billion in the United States. It is projected to plunge the demand of portable mini fridges.
Global Portable Mini Fridge market was moderately consolidated with key players accounting for significant share in 2018. Manufacturers are offering these products with advanced features to compete in the global market
Prominent players operating in the Global Portable Mini Fridge Market are: Living Direct, Inc., Godrej Group, Haier Inc., Engel Australia Pty Ltd., Electrolux AB., DOMETIC GROUP AB, Danby, ARB, Whirlpool Corporation and Midea Group., among others.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
a) Insights on current demand & supply gap analysis
b) Impact on value chain and supply chain and strategies adopted to off set its impact
c) Impact on Industry / company revenue and predictive intelligence on forecast sales
d) In-depth analysis on market segmentation – both value and volume analysis
e) Market assessment, regional
and country attractiveness, competitive benchmarking
and entry strategy
f) Prioritizing strategies and
how it would impact company’s short to long-term business
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